The following defined pension data of Doreen Corp. apply to the year 2020. Defined benefit obligation, 1/1/20 (before amendment) $560,0000Cr. Plan assets, 1/1/20 546,2000Cr. Pension asset/liability 13,8000Cr. On January 1, 2020, Doreen Corp., through plan amendment, grants past service benefits having a present value of 120,0000Cr. Discount rate 9%0Cr. Service cost 58,0000Cr. Contributions (funding) 65,0000Cr. Actual return on plan assets 49,1580Cr. Benefits paid to retirees 40,0000Cr. Instructions For 2020, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

The following defined pension data of Doreen Corp. apply to the year 2020. Defined benefit obligation, 1/1/20 (before amendment) $560,0000Cr. Plan assets, 1/1/20 546,2000Cr. Pension asset/liability 13,8000Cr. On January 1, 2020, Doreen Corp., through plan amendment, grants past service benefits having a present value of 120,0000Cr. Discount rate 9%0Cr. Service cost 58,0000Cr. Contributions (funding) 65,0000Cr. Actual return on plan assets 49,1580Cr. Benefits paid to retirees 40,0000Cr. Instructions For 2020, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 5E

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Instructions

For 2020, prepare a pension worksheet for Doreen Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Defined benefit obligation, 1/1/20 (before amendment)	$560,0000Cr.
Plan assets, 1/1/20	546,2000Cr.
Pension asset/liability	13,8000Cr.
On January 1, 2020, Doreen Corp., through plan amendment, grants past service benefits having a present value of	120,0000Cr.
Discount rate	9%0Cr.
Service cost	58,0000Cr.
Contributions (funding)	65,0000Cr.
Actual return on plan assets	49,1580Cr.
Benefits paid to retirees	40,0000Cr.